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Comment by CSMastermind | Hacker News Reader

It appears there is a reallocation going on in the economy. The link you shared notes that large companies are shedding jobs while companies with less than 50 employees account for most of the growth.

The job growth is largely in the hospitality industry while tech continues to tighten.

I know WSJ has coined the term "richcession" to describe the elimination of high paying jobs and their replacement with more lower paying ones.

Will be interesting to see how the long term trends play out.

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I live in Miami, where the hospitality industry dominates the employment landscape. Jobs are being taken left and right....but for very little pay and even poorer working conditions.

There is some tech but comparatively very little when stacked against any other growing major metro area, and those that are here aren't hiring locally, they're just companies relocating here for tax purposes and bringing existing workers with them.

"I know WSJ has coined the term "richcession" to describe the elimination of high paying jobs and their replacement with more lower paying ones."

"Middleclasscession" would be a better term although even harder to pronounce. It seems no matter what's happening, the rich will get richer, middle class and lower will get poorer. I still can't get my head around the fact that during COVID the top x percent doubled their net worth while most of everybody else lost out.

It is hard to wrap ones head around something that did not happen.

Since Q120 net worth of top 1% (or top 0.1%, or top 10%) did not double. In fact the growth was slower than the bottom 50%. [1] There is huge inequity, and absolute numbers are in favor of super rich. But there is no need to invent your own facts.

[1] https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr...

> It appears there is a reallocation going on in the economy.

There's a reallocation going on all right. From more middle class people to more poor people.

I’m not sure why you’re being downvoted. This statement is 100 percent accurate. It is tough being middle class right now. Inflation has drastically outstripped our pay raises. The price of housing, gas, and common food items is way up.

Do you honestly think that people are downvoting the idea the middle class is hurting? They’re downvoting as it lazily and dishonestly uses poor people as a scapegoat. But I think you know that.

I don't think anyone reading this thread thought that poor people were being used as a scapegoat. I think people read it as the middle class being pushed down rather than pulled down.

The post is probably getting downvotes because people can't tell whether it's complaining that people are being reallocated from middle class to poor; or whether money is being reallocated from middle class people to poor people.

No, money is reallocated upwards.

Feel that we’re at the beginning of a shift in the global order. Every country seems to be scrambling to secure critical raw materials and goods. Should be a good time if you’re a worker as a lot of jobs lost overseas start coming back.

Small/medium sized businesses have always accounted for most jobs and job growth. This isn't new.

If anything that's a good thing because it seems to reduce inequality. There's too much inequality for the investment/consumption balance to be healthy long term.

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